West Kensington leases on residential deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start incurring an additional element called marriage value. Flat owners in West Kensington will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In some circumstances you may not qualify. There are also strict timetables and procedures to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.
Leasehold properties in West Kensington with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in West Kensington can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with West Kensington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Arthur, came precariously near to the eighty-year threshold with the lease on his first floor flat in West Kensington. Having bought his property two decades ago, the unexpired term was of little relevance. As luck would have it, he recognised he needed to take action soon on a lease extension. Arthur was able to extend his lease just under the wire in September. Arthur and the freeholder ultimately settled on a premium of £6,000 . If he failed to meet the deadline, the amount would have gone up by a minimum £1,150.
Dr Joshua Scott acquired a basement flat in West Kensington in March 2011. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Similar homes in West Kensington with 100 year plus lease were worth £260,200. The mid-range ground rent payable was £65 invoiced per annum. The lease expired on 15 September 2091. Taking into account 66 years remaining we estimated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 exclusive of expenses.
An example of a Lease Extension case for a West Kensington property is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case was in relation to 1 flat. The unexpired term was 37.79 years.